Indra (IDR · BME)

Aerospace & DefenseBMEEUROPEMid-cap

Radar Love

From tech consultancy to Spain’s defence sweetheart

Indra Sistemas SA

IDR: BME

61.40 EUR

+23.79%

year to date

Source: Finnhub

Market Cap€11.13B

Avg Volume28.57K

Price€61.40-1.34%

P/E Ratio18.77ttm

Yield1.75%

Pricing delayed 20 minutes Oct 23, 2026, 12:00 AM

Defence Transformation Underway
Embedded in EU-wide defence programmes with growing backlog
Strategic National Positioning
Key beneficiary of Spain’s 55% YoY jump in defence spending
Digital Leverage and Space Optionality
Space NewCo and digital pivot offer long-term upside

Execution Risks
M&A spree (~20 targets in play) could dilute focus and create integration drag
Political Overhang
Government ownership and EM&M ties could hinder governance perception
Valuation Discount May Persist
Re-rating relies on continued momentum and investor patience